TRON (TRX)–the token for the decentralized web
The internet was originally imagined as a digital world where content isn't controlled by a single entity, where users don't have to worry about censorship or paying for access. However, this original conceptualization of the World Wide Web still hasn’t actually been realized, especially with the emergence of internet tech giants such as Google, Facebook, and Amazon who dominate much of the online space.
But the development of blockchain technology and its peer-to-peer (P2P) capabilities is pushing increasingly for a more decentralized version of the internet. Dubbed as “Web 3.0” this future reiteration will eventually allow people to choose the content that they want to engage with, and reward creators for their work directly.
This is where TRON comes in as a decentralized content-sharing platform built on blockchain technology, with the goal of speeding up the adoption of a free, global digital entertainment ecosystem.
TRON aims to tackle some of the biggest challenges facing the entertainment industry today. How do we level the playing field for content creators to innovate and profit from their work without having to resort to middlemen or gatekeepers?
Similar to Ethereum (ETH) wherein developers can build decentralized applications (dApps) on and have them run by smart contracts instead of along traditional business models, TRON allows for entertainment-focused dApps to link creators directly with their audiences. With TRON, creators can sell their outputs directly to the market–without them needing to pay anything to the platform.
What is TRX for?
Transactions on TRON are paid for using the network’s native currency, TRX. It is also used to reward content creators and to access features of the TRON protocol. TRX uses its own token standard, TRC-20, which is fully compatible with Ethereum’s ERC-20 standard.
To earn passive income, TRX can also be “staked” or delegated to validators who are providing the processing power to the network for producing blocks. Staking TRX can be done via supported cryptocurrency wallets.
Launched in 2017, TRON has already established itself as one of the more recognizable names in the cryptocurrency market, and as such is readily available in centralized and decentralized exchanges and is often purchased for trading or as a store of value.
TRX has a total supply of 100 billion tokens with a current circulating supply of 92 billion and a market capitalization of $6.4 billion as of July 2022. Its yearly inflation according to its blockrate amounts to 500 million TRX.
Ready to start with crypto?
Start your trading journey with PDAX.
DISCLAIMER: The statements in this article do not constitute financial advice. PDAX does not guarantee the technical and financial integrity of the digital asset and its ecosystem. Any and all trading involving the digital asset is subject to the user’s risk and discretion and must be done after adequate and in-depth research and analysis.
PDAX is a BSP-licensed exchange where you can trade Bitcoin, Ethereum, and other cryptocurrencies directly using PHP!
You might also like
What you need to know about the GALA v2 upgrade
May 08, 2023
0x (ZRX) –a lot of DEXs in one place
April 12, 2023
Dai (DAI)–the ‘unbiased’ stablecoin
April 12, 2023
Cryptocurrencies you can trade on PDAX
February 23, 2023